We hope this insider info helps you in getting the best possible price on your medical malpractice insurance. If you choose to not get a medical malpractice insurance quote through us, you can still use the above information to get the best price with the best terms.
7 Secrets Your Medical Malpractice Insurance Agent Will Not Tell You
Even if you don’t partner with us, these secrets will still help you find the best coverage at the best price.
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1. Most brokers don’t have access to every major medical malpractice insurer, and they might not have access to the company best suited for you
If your broker doesn’t have access to the best company for you — whether it is a direct writer or a company from which they have been unable to obtain a contract — they won’t tell you about it. They also may be a captive agent that represents only one company. Or they may only have access (a contract) with three of the eight med-mal insurance insurers in your state, and there’s a good chance that one of the other insurers may be less expensive as well as offer better coverage. Employing a broker with access to every malpractice insurer in your state is one of the most critical ways a physician can save money.
2. At the time of your insurance renewal, your medical malpractice insurance agent might not shop your coverage around for the most competitive quotes
Often brokers will present you with other insurance base rates (without discounts or credits) as a comparison with your current insurer’s renewal premium rather than make a full submission to the other insurers for competitive malpractice insurance quotes. It’s easier for them to just renew with your current insurer, and they often have an incentive to steer you that way for a higher commission rate. After all, if your premium goes down, so does their commission.
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